Rupee drops by 16 paise

Moving in tandem with the fall in equity markets, the Indian rupee on Thursday dropped by sixteen paise to 48.84/85 against the US currency.It moved in a range of 48.69 and 48.85 before concluding the day at 48.84/85 a dollar.The Indian benchmark Sensex ended lower by nearly 153 points or 1.59% on weak industrial production data amid fall in Asian as well as European markets on Thursday.